Managing Law Firms in Transition

Managing Law Firms in Transition

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Focusing on Long Term Stability

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
“Focusing is about saying No!”   Steve Jobs   I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many… Continue Reading

Law Firm Sale and Outside Perspective

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Uncategorized
The best way a mentor can prepare another leader is to expose him or her to other great people.    John Maxwell Quality decision-making has a great deal to do with shaping the ultimate fate of all law firms.  Today’s post focuses on the value of today’s law firm leader engaging the insight and decision-making acumen… Continue Reading

Succession and Selling Your Law Practice

Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Uncategorized
If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.  As is the case with its two more familiar rivals for attention, ignoring it will… Continue Reading

Leadership and Law Firm Success/Failure

Posted in Uncategorized
The most dangerous leadership myth is that leaders are born – that there is a genetic factor to leadership. This myth asserts that people simply either have certain charismatic qualities or not. That’s nonsense; in fact, the opposite is true. Leaders are made rather than born. – Warren G. Bennis   There is simply no… Continue Reading

Merger and the Underperforming Law Firm

Posted in Law Firm Crisis, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
As firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year. You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A… Continue Reading

When a Law Firm Grows Up-Five Steps to Maturing Well

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Sometimes it is as simple as two lawyers acting on obvious synergies and a law firm is born.  Once the firm is birthed, the days are heady ones as basic startup chores are mixed with the never-ending pursuit of clients, doing good work and building an enduring reputation.  Coming up for air can almost seem… Continue Reading

Denial and Law Firm Demise

Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
“Hope is the denial of reality. It is the carrot dangled before the draft horse to keep him plodding along in a vain attempt to reach it.”  – Margaret Weis Most business people are familiar with Built to Last and Good to Great, both terrific books by Jim Collins. He published a less known book, How The… Continue Reading

Is it Time to Restructure/Reposition Your Law Firm?

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
One ought never to turn one’s back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never!    Winston Churchill Law Firms, like all… Continue Reading

How to Thrive with Clients that Don’t Use Law Firms Like They Used To?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Despite today’s times being better for many law firms, the positive trends do not signal a return to the gilded pre-2008 days; unfortunately, those days are gone for good.  Law firms are fighting for market share in 2017 in an arena vastly more competitive than the one that existed a short decade ago. Competition is… Continue Reading

Law Firm Succession Planning-Things Small Firms Can Do Just Like the Big Firms

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Uncategorized
Is the grass greener on the other side?  Some small firm leaders envy perceived advantages enjoyed by bigger firms.  Leadership at big firms likewise can be found yearning for simpler times when their firms were smaller and the issues seemed simpler.  Regardless of size, all law firms must work hard to succeed, especially in a… Continue Reading

Scoping Out Future Law Firm Upheaval-Four Places to Look

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs, Uncategorized
Law firms perpetually are in transition. In our changing legal environment, transition can arise when business strategy requires adjustment, merger is considered, layoffs are implemented, lateral hiring is pursued, leadership succession is at hand (see Cultivating the Next Generation), crisis arises or firm wind-up is decided and implemented. In addressing any transitional event and the… Continue Reading

Does Your Law Firm Deserve a “Freshness” Review?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
There has been a recent flurry of articles regarding law firm “spin offs” some referencing actions such as the recent Ropes & Gray IP move which appears practice specific. Others target “spin offs” as a means of getting lean. Seth Godin (who you might consider following if you don’t already) had a great and short post that I… Continue Reading

Merger and the Small to Medium Sized Law Firm: A Recipe For Success

Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Uncategorized
Law firm news continues to include reports of record profits for some — small and large alike. But the news is far from all good. The reports of desperate struggles for survival are regular; and far too frequently, the headlines include news of the latest law firm closure. In the midst of it all, law… Continue Reading

How Healthy is Your Law Firm

Posted in Uncategorized
As we conclude the first quarter of 2015 it occurs to me that now is a great time for law firms to conduct a quick self-assessment. Here are 5 areas that, if carefully analyzed, provide a preview of what the future may hold for your firm. Turnover, any unexpected turnover is a sign of potential trouble. Law firm… Continue Reading

Law Firm Restructuring for Long Term Health: Yesterday’s Success Is No Guarantee For Tomorrow

Posted in Law Firm Growth, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
  The century plus old quote “success begets success” couldn’t be further from the truth. Today success only buys you the opportunity to survive to compete tomorrow. Lest you think otherwise, the legal profession is no exception. The intensity of competition in our industry increases daily. The marketplace is littered with once highly successful law… Continue Reading

Will Your Law Firm Improve in 2015?

Posted in Law Firm Growth, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
  As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure;  and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the… Continue Reading

A Strategy For Law Firm Survival (Even When The Market Pushes Back)

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
  Recent reports on the legal profession reinforce what most realists already knew; market forces continue to apply significant pressure on law firms. Two forces at work in the marketplace show no signs of easing any time soon: the demand for legal services on one hand, and on the other, the (over) supply of lawyers… Continue Reading

Time for a Law Firm Tune-Up??

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
  The November edition of The American Lawyer includes an interesting article by Aric Press titled “Big Law’s Reality Check”. The article has implications for law firms of all sizes. Press provides much fodder for thought; but these points, in particular, struck me as telling: Since 2007, revenue per lawyer has been dropping for the… Continue Reading
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